The pros and cons of buying a condo in Steamboat Springs are different for everyone. Whether you’re looking to live in it yourself or buy one as an investment property, the decision is not always clear-cut. As with any major purchase, there are advantages and disadvantages that can’t be overlooked. We decided to compile a list of the most common pros and cons associated with condo ownership so that you know what you’re getting into when making this big decision.
The Benefits of Owning a Condo
The advantages to owning a condo are numerous. Here are some of the most significant perks to condo ownership:
Fewer Maintenance Responsibilities
One of the biggest benefits of owning a condo is that you have less to worry about in terms of maintenance. In Steamboat Springs, most condos fall under the jurisdiction of HOAs, which take care of the maintenance of common spaces like the exterior of the building, the grounds, and the amenities. This can be a huge relief for condo owners, as they don’t have to worry about hiring a contractor or spending their weekends doing repairs and maintenance work.
Furthermore, the HOA typically pays for certain repairs in and around the condo building, which can come in handy if something goes wrong. Of course, there are always some things that the owner is responsible for (like fixing a broken window), but on the whole, condos are much less work than single-family homes.
Lower Utility Bills
In general, living in a condo will result in lower utility bills because you’re sharing common spaces with other people. This is especially beneficial in colder climates, where heating bills can be extremely costly. This is also beneficial in hotter climates, where air conditioning is a necessity.
Easy Access to Amenities
Another perk of living in a condo is that you have easy access to all the amenities that the complex has to offer. This could include things like pools, gyms, or clubhouses. If you’re looking for a place to take your dog for a walk, the complex is likely to have a designated area for that too.
High-Quality Security
Security is typically top-notch in condo complexes. This is because the homeowners association wants to ensure that all of its residents feel safe and secure in their homes. You can expect features like gated entrances, security cameras, and 24/11 security patrols.
The Disadvantages of Owning a Condo
While there are many benefits to owning a condo, there are also some drawbacks that should be taken into consideration. Here are the most common disadvantages associated with condo ownership:
Potential for Limited Privacy
One of the biggest potential downsides to owning a condo is that you may not have as much privacy as you would in a single-family home. Because you’re sharing common spaces with other people, it’s possible that you’ll hear your neighbors talking or walking around late at night. You may also have to deal with noise from the pool, gym, or clubhouse if they’re close by.
Potential for HOA Rules Violations
Another potential downside to condo ownership is that you’re subject to the rules and regulations of the HOA. If you don’t follow these rules, there’s a chance that you could be fined or even kicked out of the complex. This can be especially frustrating if you feel that the HOA is being too restrictive or implementing unnecessary rules.
More Rules and Regulations
There are lots of rules that come with being a part of a condo community. For example, some HOAs do not allow residents to install solar panels on their condos (or the process of doing so is much more difficult). This can be a major downside, especially if you’re interested in becoming more energy-efficient and using renewable energy sources to save money on bills.
If you’re the type of person who loves to change up your home’s decor often, owning a condo may also not be for you. Many HOAs have rules stating that residents cannot paint or renovate their condos without prior approval. This can be frustrating if you’re not happy with the current color scheme or layout of your home.
Some communities also have “quiet hours” that must be observed, meaning you can’t have friends over for a late-night party or play music outside after a certain time. For some, this is not a big issue. For others, it can be problematic.
The bottom line is that there are pros and cons to both condo ownership and single-family homeownership. It’s important to weigh the benefits and drawbacks of each option before you make a decision about which is right for you.
If you’re still unsure about what type of housing is best for you, be sure to consult with a real estate agent who can help you make the right decision.
